NanoString Technologies, a Seattle-based biotech company focused on developing cancer treatments, faced deepening losses this quarter as the company missed analyst expectations. The company reported a net loss of $14.9 million from the quarter, $3.5 million deeper than the year-ago quarter. That translates into a loss of 81 cents per share, which was 23 cents greater than analyst estimates of 58 cents a share.
The firm’s revenue numbers for the quarter were better, but still didn’t manage to meet Wall Street’s hopes. NanoString reported revenue of $11.6 million, up 32 percent year-over-year, but $490,000 below analyst estimates. All of that said, company President and CEO Brad Gray is optimistic about NanoString’s future.
Our nCounter® technology continues to gain momentum as a leading platform for tumor profiling and, with the introduction of our combined genomic and proteomic capability and new products focused on immuno-oncology, we believe this trend will continue,” Gray said in a press release. “We have made notable progress toward each of the strategic objectives we identified for 2015.”
At this point, the company said that the losses won’t change its overall financial outlook for the year. It still expects to make between $58 and $61 million in total revenue, with an overall operating loss of between $44 and $49 million.
NanoString’s stock price is unchanged in after-hours trading. The company’s detailed financial results are embedded below.